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HomeMy WebLinkAbout1756 5. That he will permit, commit. or suffer no wasle, impairment. or deterioration of said property or any pa~t thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thercon, in good repair, the mortgagee may make such repai~s as in its discretion it may deem necessary tor tha p~oper preservation thereo[, and the tull amount of each and every such payment shall be immediately due and payable, and shal! be secuced by the lien of this mortgage. 6. That he witl pay all and singular the costs, charges, and expenses, including reasonable lawyer's (ees, and costs of abstracts of titte, incurred or paid at any time bythe mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and cove~ants of said promissory note and this mott- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvemenis now existing or hereafter e~ected on the mortgaged property, insured as mav be req:::~ed from time to time by the mortgagee against loss by fire and other hazards. casualties, and contin- gencies in such amounts and for such periods as may be requiced by mortgagee, and will pay promptly, when due, any premiums on such insurance foc payment of which provision has not been made hereinbefore. All insutance shall be carried in compani:s approved by mortgagee and the policies and renewals thereof shall be held by mo~t- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail ta :aortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgago~ and mortgagee jointly, and the insurance pro- ceeds, or any part thereoE, may be applied by mortgagee at its option either to !he reduction of the indebted~ess hereby secured or to the restoration or repair o[ the property damaged. In event of [oreclosure of this moctgage or other transfec of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, aad interest of the mortgagor in and to any insurance policies then in force shat! pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is heteby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receivet shall have all the broad and effective Eunctions and powers in an~•wise entrusted by a court to a receivet, and such appointment shall be made by such court as an aamitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequac5~ of the value of the property mortgaged or to the solvency ot insolvency of said mottgagot or the defendents, and that such rents, profits, income; issues, and revenues shall be applied by such receiver acc:,rding to the tien of this moctgage and the practice of such coud. ln the event of any default on the part of the - mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for ihe premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments pa~~able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (u) in the event of any breach of this mortgage or default on the pad of the mortgagor, or (b) in the ; event that any of said sums of money herein referred to be not promptty and fully paid without demand or notice, or (~1 in the event that each and every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and Eully pecformed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that-•time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were originaUy stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at ihe option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if a?[lnoneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and pa3~able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10- That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of ihe premises. ~ 11. That no waiver of any covenant herein or of the obligation secuted hereby shall at any time thereafter be . held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor defauit in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ; immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing : thereon, shall be secured by this mortgage. ` 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, 5 or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged ptemises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the provisions oi the National Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagoc further covenanis that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~ yay, from the date hereof (written statement of any officer of the Department of Housing and Urban Development or autborized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the ~ j~ time fcom the date of this modgage, ~ declining to insure said note and this mortgage, being deem~ conEfusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- % ber shali include the plural, the plural the singular, and the use of any gender shall include all genders. 9 ~ ~ aooK~.~~ ~~E1`l54 ~ ~ , _ . . _ ~ - ~